Motorists ‘face increasing speeding costs’
An increasing number of drivers could find more money from their car loan is being spent towards paying off speeding fines.
According to research conducted by swiftcover.com, the total number of speed cameras on British roads rose by 26 per cent between 2005 and 2006, which in turn caused fixed penalty notice fines to increase by some £700,000.
Overall, just under two million (1,910,474) fixed penalty fines worth some £114.6 million were issued across England and Wales during this period - a figure which may squeeze motorists’ ability to make repayments on Personal loans, credit cards and other forms of borrowing.
Chief executive Andrew Blowers said: "Motorists are not only forking out more than ever before in speeding fines but are also fiscally penalised twice through increased car insurance premiums following a conviction."
"Despite the steadily increasing number of speed cameras on our roads, it seems motorists are still happy to flout the threat of fines if they feel the road conditions are safe," he added.
Earlier this year, research by KwikGuides.com revealed that millions of motorists could be spending a greater proportion of their car loan on insurance, as a number of providers cash in on "hidden charges".
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